e.g. I could have an 50% LVR position if I compare equity to debt. BUT if you look purely at easily accessible liquid assets (cash, LOC and stocks), my position is really like 80% LVR (just an example). I'm curious is there a hard and fast rule - is there an agreed upon definition of LVR? Is there an analogue to net vs. gross yield? This is what I do for my planning: For the purposes of general portfolio assessment I simply use assets to debt. For the purposes of risk management I use ONLY liquid assets to debt. Does this sound about right? Perhaps I'm being too conservative but I do like to know where I stand if crap hits the fan.